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Posted by Tango
on January 7, 2020, 1:44 pm
The OI is difficult to read as many spreads have been trading focusing mostly on Sep20. Spreads have been weak with the market as forward bids are linked with front selling but also certified stocks are not being withdrawn much and funds are mostly long March. Today prices found support between 119 and 120 after stops were hit below 120. Commercials were likely good buyers and eventually triggered other buying. Funds are likely today’s sellers but at some point they will again be buyer. Today’s buying may also have been Index rebalancing. As 1,851 TAS traded. All guessing, just my thoughts, USDBRL is 4.061 -0.0006 (-0.0148%)and USDCOP is 3,261.00 +16.79 (+0.52%).